Skip to main content

NOTICE OF CHANGES TO YOUR ACCOUNT TERMS - BUSINESS ACCOUNTS

There are important changes to the Simmons Bank Business Deposit Account “Terms and Conditions of Your Account” (the “Terms and Conditions”), the “Specific Account Details” applicable to your account (the “Specific Account Details Disclosure”), and the Simmons Bank Schedule of Fees & Charges (the “Fee Schedule”), effective August 1, 2021.

Summary of Change to Terms and Conditions: Amendment: (Effective August 1, 2021)
The Terms and Conditions are amended to clarify your duty to report unauthorized signatures, alterations, and forgeries. In the section of the Terms and Conditions titled “STATEMENTS”, in the subsection titled “Your duty to report unauthorized signatures, alterations and forgeries”, the
following language is deleted from the second and third paragraphs:
You agree that the time you have to examine your statement and report to us pursuant to this section will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
And replaced with the following language:
You agree that the time you have to examine your statement and report to us pursuant to this section will depend on the circumstances, but will not, except as provided in the next paragraph, exceed a total of 30 days from when the statement is first sent or made available to you. If you fail to report any unauthorized signatures, alterations or forgeries in your account within 30 days of when we first send or make the statement available to you, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours, including, but not limited to, any amounts lost as a result of subsequent unauthorized signatures, alterations or forgeries on your account by the same wrongdoer if the payment was made before we received notice from you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to (and not in limitation of) that contained in the first and second paragraphs of this section.
The Terms and Conditions are amended to clarify when fees that Simmons Bank incurs in responding to legal actions involving a writ of attachment or levying assets in your account may be charged against your account In the section of the Terms and Conditions titled “LEGAL ACTIONS AFFECTING YOUR ACCOUNT”, the following language is deleted as the fifth sentence:
Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys' fees and our internal expenses), except for an action you commence against us, may be charged against your account.
And replaced with the following language:
Except where limited by applicable law, any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys' fees and our internal expenses), except for an action you commence against us, may be charged against your account.
Summary of Change to Specific Account Details Disclosure: Amendment: (Effective August 1, 2021)
The Specific Account Details Disclosure is updated to clarify (i) that interest rate and annual percentage yield information apply to interest-bearing accounts and (ii) how accrued interest less than $0.01 is applied. In the section of the Specific Account Details Disclosure titled “COMMON FEATURES”, the following language is deleted from the first paragraph:
Please refer to our separate rate sheet for current interest rate and annual percentage yield information and to our separate fee schedule for additional information about charges.
And replaced with the following language:
Please refer to our separate rate sheet for current interest rate and annual percentage yield information for our interest-bearing accounts and to our separate fee schedule for additional information about charges. Please note, accrued interest is not credited until it equals at least $0.01. An interest accrual that totals less than $0.01 is carried forward to be added to future accruals.
A new section is added to Commercial Checking Plus, Simply Business Interest Checking, Financial Institutions Account, and Financial Institution Plus Account The Specific Account Details Disclosure is amended to add the heading “Fees:“ to Commercial Checking Plus, Simply Business Interest Checking, Financial Institutions Account and Financial Institution Plus Account.
The Cash In activity charges for Simply Business Checking are updated to reflect a charge of $2.50 per $1,000.00 for deposits which exceed $7,000.00 in a single statement cycle. In the section of the Simply Business Checking Specific Account Details Disclosure titled “Fees:”, the following language is deleted from the first paragraph:
Cash In deposits which exceed $7,000.00 in a statement cycle will be assessed a $.25 fee per $100.00.
And replaced with the following language:
Cash In deposits which exceed $7,000.00 in a statement cycle will be assessed a $2.50 fee per $1,000.00.
In the section of the Simply Business Checking Specific Account Details Disclosure titled “Basic Activity Charges:”, the following language is deleted:
Cash in per $100.00 ....................................................................... $0.25
And replaced with the following language:
Cash in per $1,000.00 ....................................................................... $2.50
The Cash In activity charges for Simply Business Plus Checking are updated to reflect a charge of $2.50 per $1,000.00 for deposits which exceed $15,000.00 in a single statement cycle. In the section of the Simply Business Plus Checking Specific Account Details Disclosure titled “Fees:”, the following language is deleted from the first paragraph:
Cash In deposits which exceed $15,000.00 in a statement cycle will be assessed a $.25 fee per $100.00.
And replaced with the following language:
Cash In deposits which exceed $15,000.00 in a statement cycle will be assessed a $2.50 fee per $1,000.00.
In the section of the Simply Business Plus Checking Specific Account Details Disclosure titled “Basic Activity Charges:”, the following language is deleted:
Cash in per $100.00 ....................................................................... $0.25
And replaced with the following language:
Cash in per $1,000.00 ....................................................................... $2.50
The minimum balance to open a Public Funds Interest Checking Account is decreased from $100.00 to $50.00. The Public Funds Interest Checking Account section of the Specific Account Details Disclosure is amended to replace the reference to $100.00 in the “Minimum Balance to
Open the Account” paragraph with $50.00.
The name of the Savings Account is updated. The Specific Account Details Disclosure is amended to change the name of the “Savings Account” to “Simply Savings Business Account”.
The Specific Account Details Disclosure is updated to clarify certain eligible savings accounts may be combined on your monthly checking account statement. The sections of the Specific Account Details Disclosure applicable to each savings account opened prior to December 1, 2020 are amended to delete the following sentence
from the “Additional Terms” subsection:
“Eligible Savings Accounts will be combined on your monthly Checking Account Statement.”
And replace it with the following language:
“Eligible Savings Accounts may be combined on your monthly Checking Account Statement.”
The name of the Money Market Account is updated. The Specific Account Details Disclosure is amended to change the name of the “Money Market Account” to “Money Market Savings Business Account”.
A $10.00 dormant account fee will be charged monthly on checking accounts whose balance falls below $1,000.00 if there is no customer-initiated activity on the account for more than 365 days.
(This change does not apply to Public Funds Interest Checking Accounts.)
The sections of the Specific Account Details Disclosure applicable to each checking account (with the exception of Public Funds Interest Checking Accounts) are amended
to reflect the addition of the following language:
A Dormant Account Fee of $10.00 per month will be imposed if there is no customer-initiated activity on the account for more than 365 days. Customerinitiated activity includes deposits and withdrawals but does not include the payment of interest or the assessment of fees and charges by the bank. Dormant Account Fees do not apply to accounts owned by Texas residents, and only apply to accounts when the daily balance falls below $1,000.00 any day of the statement cycle.
A $10.00 dormant account fee will be charged monthly on savings accounts whose balance falls below $2,500.00 if there is no customer-initiated activity on the account for more than 730 days. The sections of the Specific Account Details Disclosure applicable to each savings account are amended to reflect the addition of the following language:
A Dormant Account Fee of $10.00 per month will be imposed if there is no customer-initiated activity on the account for more than 730 days. Customerinitiated activity includes deposits and withdrawals but does not include the payment of interest or the assessment of fees and charges by the bank. Dormant Account Fees do not apply to accounts owned by Texas residents and only apply to accounts when the daily balance falls below $2,500.00 any day of the statement cycle.
A $5.00 Paper Statement Fee will be imposed on checking, savings and money market accounts every statement cycle in which you receive a paper statement. You may avoid the paper statement fee by enrolling in eStatements.
(This change does not apply to Commercial Checking TM or Simply Business Plus TM Accounts.)
The sections of the Specific Account Details Disclosure applicable to each checking, savings and money market account (with the exception of Commercial Checking TM
and Simply Business Plus TM Accounts) are amended to reflect the addition of the following language:
A $5.00 Paper Statement Fee will be imposed every statement cycle in which you receive a paper statement. You may avoid the paper statement fee by enrolling in eStatements.
Please note: For Public Funds Interest Checking Accounts, the Paper Statement Fee may go into effect at an earlier date.
The transaction fee for making more than six (6) transactions per monthly statement cycle is removed from all savings accounts and money market accounts. The sections of the Specific Account Details Disclosure applicable to each savings and money market account are amended to delete the following language: “A per item
fee of $3.00 will be charged for each withdrawal in excess of six (6) during a month.”
Or to delete the following the language or similar language providing for a transaction fee for making more than six (6) transactions per monthly statement cycle on a savings or money market account:
“A transaction charge fee of $3.00 will be charged for each item in excess of six (6) during a month.”
The Specific Account Details Disclosure is updated to reflect a $0.50 online bill pay fee for online bill payments in excess of 20 per statement cycle, applicable to Commercial Checking Plus, Simply Business Interest, MSB Commercial Checking, Financial Institutions, and Financial Institution Plus accounts. The sections of the Specific Account Details Disclosure applicable to Commercial Checking Plus, Simply Business Interest, MSB Commercial Checking, Financial
Institutions, and Financial Institution Plus accounts are amended to reflect the addition of the following language to the “Fees:” section: Online bill payments in excess of 20 processed through the account in a statement cycle will be assessed a $.50 fee.
Summary of Change to Fee Schedule: Amendment: (Effective August 1, 2021)
The Fee Schedule is updated to add a Legal Process Fee. Item 12 of the Fee Schedule titled “Miscellaneous Fees” is updated to remove the current charge for Levies/Garnishments and replace it with the following charge for
Legal Process: Legal Process Fee (garnishments, levies, court orders, or other legal process)
NON-CUSTOMER: Not offered
CUSTOMER: $100 per occurence (or such other rate as may be set by law)
The Fee Schedule is updated to remove references to Dormant Account Fees. Dormant Account Fees are listed in the Specific Account Details Disclosure, as amended above in this notice. Any references to Dormant Account Fees in the Fee Schedule are deleted.
(Note: Dormant Accounts Fees still apply to certain accounts. Rather than appearing in the Fee Schedule, Dormant Account Fees are listed in the applicable sections of the Specific Account Details Disclosure, as amended above in this notice.)